06:21 AM EDT, 04/26/2024 (MT Newswires) -- Belite Bio ( BLTE ) said late Thursday it is planning to sell up to 651,380 American depositary shares at $38.38 per ADS in a registered direct offering.

The company also plans to sell warrants to purchase up to 651,380 ADSs with an initial exercise price of $44.14 per ADS. The warrants will be immediately exercisable and expire in the fifth year after the issuance.

Gross proceeds are estimated to be about $25 million.

Net proceeds will fund clinical trials and clinical development of Tinlarebant and the research and development of other pipeline products.

The offering is expected to close around April 30.